Crypto Compliance Firm Chainalysis Adds Four More Cryptos To Blockchain Monitoring Service

Blockchain, News | April 25, 2019 By:

New York-based crypto-tracker Chainalysis has added four new cryptocurrencies to its blockchain monitoring service.

Founded in 2014, Chainalysis offers crypto investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity. Its crypto transaction monitoring tool, called Chainalysis KYT (Know Your Transaction), is designed to automate the assessment of money laundering risk, thereby helping cryptocurrency businesses and financial institutions to meet regulatory requirements. The tool is being used by more than 110 cryptocurrency businesses and financial institutions in 36 countries.

On Wednesday, the company said that in order to help financial institutions, exchanges, and law enforcement agencies to monitor illicit activities across more blockchains, it has has added four new cryptocurrencies to Chainalysis KYT, including Gemini dollar, Tether, USD Coin, and Binance Coin. These cryptocurrencies join major coins, such as bitcoin, ether, Bitcoin Cash, Litecoin, TrueUSD and Paxos, that were previously added to the monitoring tool.

“We have been investing for the last year to re-architect our entire platform to support multiple blockchains in the face of global regulation,” Jonathan Levin, co-founder and chief operating officer of Chainalysis, told Reuters in an interview. “Global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve mainstream adoption.”

Chainalysis said that the ten supported coins are also available in its investigations product, Chainalysis Reactor, which is already being used by law enforcement to investigate hacks and other illicit activity across different cryptocurrencies.

“As a New York trust company, we are required to monitor transactions onto and off of our platform,” said Michael Breu, Chief Compliance Officer at Gemini. “Automated solutions like Chainalysis help us fulfill our regulatory obligations.”